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Last Post: 10/21/2020 3:45:31 AM - Followers: 4 - Board type: Free - Posts Today: 0

Middleton Doll aims to go private: Ailing Waukesha firm hopes to buy out stockholders

Sep 30, 2008 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) -- After years of financial struggles, Middleton Doll Co. of Waukesha said Monday that it wants to become a private company.
The de-listing proposal includes a 1,000-to-one reverse split of its common stock and a payout of 50 cents per share to holders of fewer than 1,000 shares of common stock. Before the announcement, Middleton shares closed unchanged at 23 cents per share in over-the-counter trading.

Middleton's two divisions, Lee Middleton Original Dolls and Licensed Products, make dolls and clocks. The company started as Bando-McGlocklin, a real estate investment trust, making loans to small businesses and owning commercial real estate. Middleton phased out its financial services segment after running into financial problems a few years ago.

Middleton had an obligation to redeem its preferred shares at $25 per share in July, but did not have sufficient funds to do that. The plan to go private includes a proposal to reduce the $25 per share obligation for preferred share redemption to $18, and to extend the maturity date to July 1, 2010.

The company reported a consolidated net loss of $1.5 million or 40 cents per diluted share for the first half of 2008, compared with a net loss of $1.6 million or 42 cents per diluted share for the same period in 2007.

In its announcement Monday, the company said it had received a fairness opinion on the value of its common shares from Donnelly Penman & Partners. The company also said it would save money by going private and eliminating expenses for reports to the Securities and Exchange Commission.

If Middleton has fewer than 300 shareholders of record after completing the reverse split transaction, the company intends to terminate the registration of its common stock, and its preferred stock, of which there are now fewer than 300 shareholders of record. Middleton would then become a private company.

The company's proposal will need the approval of shareholders at a meeting to be held by early December.

To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper,
go to http://www.jsonline.com. Copyright (c) 2008, Milwaukee Journal Sentinel
Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
Doris Hajewski
Copyright (C) 2008, Milwaukee Journal Sentinel
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PostSubject
#18   $FTDL FirsTime Design Limited Announces Third Quarter 2020 Results AskMuncher 10/21/20 03:45:31 AM
#17   Now we know why they waited to post EmptyBones 01/26/15 04:37:37 PM
#16   The 3 - 800 share orders @ .25 Willboat 03/23/09 10:48:52 AM
#15   Will G@@D Pick Up @ .05 Teamlasvegas 03/21/09 10:45:14 PM
#14   you mean Zecco still had not cashed out sbbi 03/20/09 09:22:53 PM
#13   Keep us updated as to whether you receive today32 03/20/09 05:28:33 PM
#12   ex-date is 3-23-09 .. that's enough for me Willboat 03/20/09 04:08:04 PM
#11   Talked to a lady at the OTC and today32 03/20/09 03:42:15 PM
#10   It's on the daily list again today... Crazy... today32 03/20/09 02:09:55 PM
#9   J T found this on the dividend list today: today32 03/20/09 02:02:02 PM
#8   especially if you´re not from the US and loss-pro 03/17/09 02:18:56 PM
#7   Yea, I had my broker get onto Penson today32 03/17/09 02:14:42 PM
#6   Zecco finally paid out. leaves lowtrade. and those loss-pro 03/17/09 02:04:50 PM
#5   Has anyone heard anything on the payment date? today32 02/13/09 10:40:55 PM
#4   USAA is aware of the cashout, but they today32 01/22/09 10:24:36 AM
#3   FT is the only one i know of loss-pro 01/19/09 05:48:30 AM
#2   I still have my DOLL shares in USAA, today32 01/16/09 06:48:33 PM
#1   Firstrade cashed me out on 01/14. anyone else? loss-pro 01/16/09 04:29:54 PM
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